Citibank Short Sale Information

SHORT SALE WITH CITIBANK

If you are having trouble making your mortgage payments and the value of your home is lower than what you owe; applying for a short sale to prevent foreclosure may be the right choice for you. Citi Mortgage provides its customers with a variety of foreclosure prevention programs. Home Affordable Foreclosure Alternative (HAFA) includes the short sale route.

Eligibility requirements:

The mortgage loan is delinquent past 60 days or will be due to financial hardship
The loan must be owned by Citi Mortgage or by their private investor (Non-GSE Loan)
The mortgage loan is the first lien and had been originated on or before January 1, 2009
The loan is currently in foreclosure or the borrower is in the process of bankruptcy
Documented financial hardship
The property is not condemned

Reference the Home Affordable Foreclosure Alternative Matrix for more information.

CITIBANK SHORT SALE PACKAGE

The documentation required for your Short Sale Package to Citibank includes:

Hardship Letter
Third-party Authorization Form
Financial Worksheet
Listing history from the MLS
Listing Agreement
Purchase contract and pre-approval letter from a buyer or proof of funds
Last two (2) years of Tax Returns (include schedules and W-2)
Two (2) months Bank Statements
Two (2) most recent Pay Stubs
Form 4506-T – Request for Transcript of Tax Return
Utility bills (gas, water, or electric) must be under the seller’s name and subject property address within the last 12 months
If self-employed, submit bank statements and profit and loss statements